Hierarchy
⤷ PA-PA-IN (Application Component) India
⤷ PB40 (Package) HR master data: India
Basic Data
Data Element | PIN_SEC24 |
Short Description | HR-IN: Eligible for Section 24 deduction |
Data Type
Category of Dictionary Type | D | Domain |
Type of Object Referenced | No Information | |
Domain / Name of Reference Type | XFELD | |
Data Type | CHAR | Character String |
Length | 1 | |
Decimal Places | 0 | |
Output Length | 1 | |
Value Table |
Further Characteristics
Search Help: Name | ||
Search Help: Parameters | ||
Parameter ID | ||
Default Component name | ||
Change document | ||
No Input History | ||
Basic direction is set to LTR | ||
No BIDI Filtering |
Field Label
Length | Field Label | |
Short | 5 | Sec24 |
Medium | 10 | Sec24 |
Long | 10 | Section 24 |
Heading | 5 | Sec24 |
Documentation
Indicates that the employee is eligibile for deductions under 'Section 24' Income Tax Act.
Definition
Section 24 pertains to deductions allowed from house property in case a person takes a loan to construct or purchase a residential house property and does not let it out but occupies it themself.
The person receives no rental income while paying interest on the principal borrowed. The Income Tax Act allows him or her to show a negative income (loss from house property) upto a specified limit.
Example
Mr Mishra lives in his own house purchased with a company loan which he availed of in May 2000. Deductions under Section 24 allow him a rebate of upto Rs. 1,00,000 per annum, in lieu of the interest that he's paying on the loan.
In case he has no other income from house property such as rent from other houses or other means; his net income under the head 'House Property' will be a negative Rs. 1,00,000. In this case as he earns a salary, he is exempted from paying taxes on an equivalant amount.
History
Last changed by/on | SAP | 20011120 |
SAP Release Created in |